The good news is that October 2022 just registered the best monthly returns for the DJIA since 1976. The DJIA returned +13.95% for October 2022, besting both the SP500 (+8% for the month) and the tech heavy Nasdaq (+3.9% for the month). Best month for the Dow since 1976, when a small computer start-up named “Apple Computer” was being founded by Steve Jobs, the film “Rocky” dominated the big screen, and Johnny Bench and the Cincinnati Reds Big Red Machine were finishing off the Yankees of New York to win their second consecutive World Series title.
The bad news is that other than anything that rhymes with energy or oil, YTD results for most/all other asset classes are negative and not by a little. There’s been no place to hide. Fixed income/credit markets are having their worst year since 1785 (folks, that is NOT a typo). Tomorrow at 2pm ET is not to be missed. The Fed will hike 75bps, but the story to follow is the Fed’s post announcement press conference. They won’t “pause” yet, but “considering slowing the pace of future rate hikes” commentary will be met with glee by capital markets, both stocks and bonds alike. Please tune in.
Chief Investment Officer
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